New business results for the year ended 30 June 2014
Hansard Global plc ("Hansard" or "the Group"), the specialist long-term savings provider, issues its new business results for the year ended 30 June 2014 ("FY 2014").
· We successfully launched our new sales and distribution strategy, and a range of new products and a refreshed branding, in the last week of March 2014. Launch events around the world during April and May generated considerable interest among Independent Financial Advisors and policyholdersand will provide a platform for sustainable diversified new business flows;
· New business of Hansard International Limited of £83.0m PVNBP in the year ended 30 June 2014 is approximately half of its prior year new business volumes, as anticipated, due in part to suspension of activities by a large distributor in Japan;
· New business margins on the PVNBP basis for FY 2014 are approximately 4.0% (Q3 2014: 5.5%) primarily as a result of reduced sales volume;
· We will shortly submit to HMRC our assessment of potential liability in relation to the issue of Chargeable Events Certificates previously announced. Our estimate of the Group's exposure, including professional costs, remains unchanged at £5m;
· Writs totalling approximately £5.9m remain outstanding against the Group (FY 2013: £3.9m).